William (40% of gains and losses) Jennings (40%) Bryan (20%)... $ 220,000 110,000
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Problems 15 and 16 are independent problems based on the following capital account balances:
Darrow invests $250,000 in cash for a 30 percent ownership interest. The money goes to the business. No
- $160,000
- $168,000
- $170,200
- $171,200
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- William (40% of gains and losses) . . . . . . . . . . . $ 220,000Jennings (40%) . . . . . . . . . . . . 160,000 Bryan (20%) . . . . . . . . . . . . . . 110,00015. Darrow invests $270,000 in cash for a 30 percent ownership interest. The money goes to the original partners. Goodwill is to be recorded. How much goodwill should be recognized, and what is Darrow’s beginning capital balance? Choose the correct.a. $410,000 and $270,000b. $140,000 and $270,000c. $140,000 and $189,000d. $410,000 and $189,000William (40% of gains and losses) . . . . . . . . . $ 220,000Jennings (40%) . . . . . . . . . . .. 160,000 Bryan (20%) . . . . . . . . . . . . . . 110,000 Darrow invests $250,000 in cash for a 30 percent ownership interest. The money goes to the business. No goodwill or other revaluation is to be recorded. After the transaction, what is Jennings’s capital balance? Choose the correct.a. $160,000b. $168,000c. $170,200d. $171,200You are given the following info for Ted's Dreaad co sales=$73000; costs=$53700; addition to retained earnings=$5500; dividends paid=$2720; interest expense=$2430; tax rate= 25% Calculate the depreciation expense for the company. =
- Sherry and Jonnie Allocate 2/3 of the profits and losses to Sherry and 1/3 to Jonnie. If the Net Income of the firm is $30,000, calculate the share of Jonnie's Net Income A $ 10,000.00 B $ 20,000.00 C $ 25,000.00 D $ 30,000.003.During 20X6, X co. had the following income and expenses: Gross income from operations $1,000,000 Business expenses <400,000> Dividends received from Y co. (32% owned by X co.) 200,000 Capital gains 50,000 Capital loss carry forward <65,000> Net operating loss carry forward 100,000 a. Determine X co.’s dividends received deduction in 20X6? b. Determine X co.’s dividends received deduction in 20X6 assuming that there was no NOL carry forward and X co.’s business expenses were:(i) $1,030,000 or (ii) $1,100,000.Tracy has the following capital gains and losses for the current year: Short-term capital gain $1,000 Short-term capital loss 8,000 Long-term capital gain 5,000 Long-term capital loss 3,000 What is the net capital gain position?
- Elliott has the following capital gain and loss transactions for 2022: a. Short-term capital gain $12,400 b. Short-term capital loss (29,760) Long-term capital gain (28%) 99,200 Long-term capital gain (25%) 39,680 e. Long-term capital gain (15 %). 49,600 f. Long-term capital loss (28%) (39,680) 9. Long-term capital loss (15 %) (74,400) C. d. After the capital gain and loss netting process, what is the amount and character of Elliott's gain or loss? Elliott has an overall net long-term capital gain ofDuring 20X5, X co. had the following income and expenses: Gross income from operations $3,000,000 Business expenses <1,400,000> Dividends received from Y co. (32% owned by X co.) 400,000 Capital gains 150,000 Capital loss carry forward <183,000> Net operating loss carry forward <25,000> a. Determine X co.’s dividends received deduction in 20X5? b. Determine X co.’s dividends received deduction in 20X5 assuming that there was no NOL carry forward and X co.’s business expenses were: (i) $3,050,000 or (ii) $3,200,000Presuming the company sells for $100,000,000.00 but also has $10,000,000.00 of debt on the balance sheet, what will the owners receive in proceeds?
- XYZ Corporation, a calendar year C Corporation, has $100,000 gross business receipts, $5,000 interest income from corporate bonds, $20,000 qualified dividend income from a 5% owned C Corporation, $110,000 business expenses, and $2,000 charitable contribution. How much is XYZ's taxable income (or net operating loss) for the current year?\\n\\nGroup of answer choices\\n\\n$0 Taxable income.\\n\\n$3,000 Taxable income.\\n\\n$6,500 Taxable income.\\n\\n$6,750 Taxable income.The Distance Plus Partneship has the following capital balances at the beginning of the current year: Tiger (50% of profit loses) 135,000 Phil (20%) 105,000 Ernie (30%) 120,000 A. If Sergio invest 150,000 in cash in the business for a 20 percent interest,what Journal ENtry is recorded. Assume that the bonus method is used. B. If Sergio invest $80,000 in the business for a 20percent, what journal entry is recorded? Assume that the bonus method is used. C. If Sergio invest $100,000 in cash in the business for a 20percent,what journal entry is recorded? Assume that the goodwill is used.The John and John Corporation has ordinary income of $250,000 for 2021, including dividends of $50,000 received from 90%-owned domestic corporations. How much is the Johnson and Johnson corporation’s dividends received deduction for 2021? $0 $40,000 $50,000 $170,000
